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I just turned this on over the weekend, and it's made me way giddy. With a simple subscribe and the switch of a few buttons, I've suddenly freed my music up on my two computers and one iPhone so that I finally have all of it everywhere - which means, that as I increasingly listen to music on my iPhone, I have my whole library at my disposal. Which also means that I've discovered some long lost songs I didn't know I even had. And Match works with music that you haven't purchased through iTunes, matching whatever it has in its own library and playing it back at at 256-Kbps AAC DRM-free quality - even if your original was of a lower quality.
Anthony wrote about it in detail here, and I've found that it has totally lived up to it's promise so far. Even when I stay up late recording a song on garageband on my laptop, when I wake up in the morning, the song has pushed to all my devices and I can show it off by pulling out my phone at the bus stop and hitting play. Unlike the old days, where music was trapped and encased on whatever device you bought or ripped it on, this is a wonderfully freeing experience. Thank you, Apple!